Heat Recovery Steam Generator Market reviewResearch, Segmentation, Key Players Analysis and Forecast to 2031
The market
for Heat Recovery Steam Generator review with heat recovery will surpass US$
1.1 billion in 2021. The demand for energy-efficient power generation
solutions and rising investments in enhancing power plant efficiency are
identified as the main growth drivers.
These factors are expected to cause the market to expand at
a steady CAGR of 5.7 percent, with the U.K., the U.S., Germany, and
Japan emerging as major producers.
As per ESOMAR-certified consulting firm Future Market
Insights (FMI), the global heat recovery steam generator market is
anticipated to reach US 1.1 Bn in 2021. With the U.S.,
the U.K., Germany, and Japan emerging as key producers, the market is poised to
grow at a 5.7% CAGR through 2031.
In addition, government initiatives in counties such as the
U.S., the U.K., India, and China regarding the promotion of renewable energy
will spur demand for heat recovery steam generators in the forthcoming years.
Further, sophisticated customization and innovative product
solutions offered by OEM’s and heat recovery steam generator players will
continue providing tailwinds to sales.
As per FMI’s regional analysis, the U.K. is anticipated to
lead the European heat recovery generator market. Stringent regulations
regarding carbon emissions in the European Union, coupled with increasing
adoption of renewable energy sources will enhance growth prospects through
2031.
To Know More@
https://www.futuremarketinsights.com/reports/heat-recovery-steam-generator-market
“Increasing investments in the power generation sector to
improve efficiency, coupled with inorganic growth strategies adopted by OEMs
for better market reach will continue augmenting growth in the forthcoming
years,” says the FMI analyst.
Key Takeaways:
- Fully
assembled heat recovery steam generators will remain the most preferred
type of design.
- In
terms of configuration, horizontal drums will account for maximum sales.
- Based
on output power, 0-60 MW segment is poised to experience high demand.
- Combined
heat and power plants will dominate the application segment.
- The
U.S. is anticipated to witness high demand for heat recovery steam
generators, owing to increasing energy production and need for sustainable
methods. The North American market is poised to grow at a 4.4% CAGR.
- The
U.K. will continue leading the European heat recovery steam generator
market, expanding at a 4.6% CAGR.
- Demand
for heat recovery steam generators will continue rising in China, due to
rising adoption of combined cycle plants.
- India
will emerge as a lucrative market, owing to government-backed
initiatives promoting renewable energy production.
- Japan
and South Korea will collectively account for 5% of the total market
share.
Competitive Landscape
Cleaver-Brooks, Siemens AG, General Electric, CMI
Group, John Wood Group PLC, Cannon S.p.A., Mitsubishi Hitachi Power Systems,
Ltd., Rentech Boilers Systems Inc., Hamon Deltak, Inc., AC BOILERS SpA, SES
Tlmače, a.s., and Xizi United Holdings Limited are some players operating in
the heat recovery steam generator market profiled by FMI.
Top 5 players in the market include General Electric,
Siemens AG, CMI Group, John Wood Group plc, and Mitsubishi Hitachi Power
Systems Ltd., accounting for 75.5% of the total market
share.
Leading players, as a part of their growth strategies, are
focusing on strategic collaborations, mergers, and acquisitions to expand their
global footprint and improve their product portfolios. For instance:
- In
August 2021, Siemens Energy and state-owned Egyptian Electricity Holding
Co. have signed a memorandum of understanding to develop a hydrogen-based,
including a 100-200 MW pilot electrolyzer facility for the clean energy
industry.
- In
August 2021, Mitsubishi Power’s Philippines unit secured a three-year term
service agreement to maintain boilers of the Davao coal plant of Aboitiz
Power Corp. The agreement is intended to maintain reliable energy access
in Mindanao.
Heat Recovery Steam Generator Market by Category
By Design Type:
- Modular
Construction
- C-Section
Construction
- Bundle
Construction
- Fully
Assembled
By Configuration Type:
- Horizontal
Drum Units
- Vertical
Drum Units
- Horizontal-Once
Through Units
By Output Power Type:
- 0-60
MW
- 60-100
MW
- 100 MW
& Above
By Application Type:
- Co-generation
(Process Heating)
- Combined
Cycle
- Combined
Heat & Power (CHP)
By Region, Heat Recovery Steam Generator
Market is segmented as:
- North
America
- Latin
America
- Western
Europe
- Eastern
Europe
- China
- Japan
- India
- South
East Asia & Others (SEA)
- Middle
East & Africa (MEA)
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